Mid-Year Tax Tips from Equifax

August 31, 2014

taxesWith summer behind you and kids back in school, now is a perfect time (before the bustle of the holiday season begins) to take some time to review your taxes. Doing so may save you some money, according to the tax experts with the Equifax Finance blog. They explain it all in the recent article, ““

Five Mid-Year Tax Tips.”

If you have done, or are planning to do, any of the following this year, you should review your tax situation:

  • Received a big refund – you may need to adjust your withholding, so that less is held back each paycheck.
  • Changed income – you may need to adjust your payments if your income changes; calculate how much you expect to owe to find out if you need to make a change based on your income.
  • Bought a home – you may get a tax break if you’ve bought a home; it may not, however, offset the costs of buying that home, or the costs to maintain the property or make necessary repairs.
  • Bought a car – certain fuel-saving vehicles qualify for a tax credit if your tax liability is lower than the credit.
  • Sold stocks – be sure that you are aware of what it’ll cost you in taxes when you sell your stocks; you can get this information from your investment brokerage.

Get the complete explanation on each of the above considerations in the full article on the Equifax Finance blog. While you’re there, read up on all of your favorite personal finance related topics, from  money management, retirement, credit, identity theft protection and more.

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